Signs Your Spouse May Be Hiding Assets

 Posted on April 24, 2023 in Divorce Finances

A divorce entails much more than simply the ending of a marriage. Parties must also divide and allocate property or assets earned throughout the marriage. This can often be a difficult task for parties. This process involves thorough and thoughtful negotiation, however, if the parties are going through a difficult divorce, then there might be some fear that a party may be hiding assets from the other. Hiding assets is not only unlawful, but if caught, it can significantly impact the overall outcome of the divorce. If you believe your spouse could be hiding assets from you, knowing what to look out for is essential so you can act on it promptly.

Things To Look Out For

Almost every aspect of a divorce revolves around finances. In some cases, a spouse will try to get an advantage by undervaluing certain assets, overvaluing debts, or even failing to disclose assets. If you are getting a divorce and fear that your spouse may be trying to manipulate the outcome by hiding assets, here are some things to look out for:

• Keeping financial matters a secret - If your spouse keeps financial information from you, such as bank passwords, or even hides or destroys financial documents, this is a major red flag to look out for.
• Financial transactions - One way spouses may hide money from a spouse is by transferring money from one property to another. They may even try to lend money to a friend or family member to keep it from being brought up in the divorce. This is something to keep an eye on and look out for.
• Business transactions - If your spouse owns a business, there are many ways for them to commit and hide fraud during a divorce. If you notice an unusual shift in their business, such as the business dropping or a sudden increase in expenses, your spouse may try hiding money within their business.
• Unusual cash withdrawals - If you notice that your spouse is taking out large sums of money or making random, expensive purchases, this may be a sign of financial dishonesty. Hiding money during a divorce can be as easy as a spouse taking out cash or buying expensive items to return or sell later. Watch out for any costly purchases or withdrawals during the divorce.
• Items are missing - Spouses who want to hide expensive assets from the other party may remove items from the marital home and hide them away so that they will not come up during the divorce. If you have expensive items within the home, such as jewelry, art, or anything else that may be worth a lot of money, getting them in order and knowing where they are is essential.

Contact a Kane County Divorce Lawyer

At the The Law Office of Matthew M. Williams, P.C., we understand how just alone the overall process of divorce can be and how difficult it can become if you believe that your spouse is hiding assets from you. Lying about assets can dramatically change the divorce outcome; it is crucial to work with an experienced divorce lawyer and take the swift action needed to protect your assets. Contact an Aurora divorce lawyer today at 630-409-8184 and arrange an initial consultation. You do not have to go through this alone.

Source:

https://www.forbes.com/sites/jefflanders/2012/03/14/divorcing-women-heres-where-husbands-typically-hide-assets/?sh=737d7cb66579